How much do you save with bi-weekly payments? + MORE Feb 7th

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Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »

Have Questions About the New Stress Test Rate? Here Are Some Answers… Feb 22nd

The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s ch.... More »
 home equity

Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »

Five Tips to Increase Your Credit Score Quickly

– canadianmortgagetrends.com

In order to qualify for certain mortgage and loan products, a minimum credit score is essential. Even if your score is sufficient to qualify, you might find the rates being offered will be lower than if you had a higher score. Having worked with thousands of personal credit histories over the years, we have developed some strategies that sometimes give you that much needed quick score boost—sort of like jumper cables for credit! Here are a few scenarios this might […]

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How much do you save with bi-weekly payments?
For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will  pay your mortgage off faster. Hmm, let’s put that to the test.
(SPOILER ALERT!)  Around 10 years ago, I wrote an article showing some simple but effective math to explain this. I’m constantly getting emails from my readers asking me what they should do. Obviously, a topic worth taking another look at.
Let me also say, there is merit to paying bi-weekly… I’ll explain further on.
HISTORY OF BI-WEEKLY PAYMENTS
Back in the mid-’90s, there was a huge marketing blitz by the Big Banks that promoted making bi-weekly payments instead of the traditional monthly payments. The sales pitch was that you could save huge amounts of money and pay your mortgage off much faster, shaving 4 or 5 years off your amortization. Sound familiar? While offering some benefit, BI-WEEKLY PAYMENTS DON’T SAVE AS MUCH AS YOU MIGHT THINK!
And I’ll prove it… Here are the straight facts!

EXAMPLE 1…

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Tips for Paying Off Credit Card Debt

– ratesupermarket.ca

Tips for Paying Off Credit Card Debt
Credit card bills got you down? That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a mortgage loan for a house or finance a car should you need to. It can also be enormously stressful if you fall behind and end up in the crosshairs of a collection agency.
So, before you get any deeper in debt, it is time to get your financial house in order and develop a plan for paying off your credit card debt. Whether it’s working to bring in more income, budgeting, credit counselling, or a debt-consolidation loan, resources are available to help ease some of that burden.
Stop Using Your Credit Cards Immediately
If you are serious about paying off your credit card debt, then you better stop using them. Otherwise, you continue to add to the debt you are trying to pay off. Take them out of your purse or wallet, lock them away, or shred them if necessary…

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